What is EuropeCoin (ERC)?
Future of ERC Cryptocurrency and know how to buy ERC

#1: What is ERC?

ERC: The Basics

EuropeCoin is a unique cryptocurrency that focuses on attaining widespread adoption in Europe, as is evident by its name. It plans on extensive integrations with real-world merchants, both online and physical, across Europe, and to be the European Union’s ‘official’ cryptocurrency. It aims to shift the Union’s economy into the 21st century, and make it into a more economically cohesive unit.

ERC Development

  1. EuropeCoin was originally launched in 2014, as a fork from NovaCoin. Initially, it had a 2-week Proof-of-Work period during which around 137 million ERC coins were mined. Then it shifted to a pure Proof-of-Stake mechanism, with a variable interest rate of 2% to 15% per annum.
  2. However, in 2016 under a new developer, Matthias Klees, the coin was completely revamped and relaunched. Now, it is a pure PoW coin, based on the Bitcoin code-base and forked from HOdlcoin.

 

#2: What are the benefits of EuropeCoin?

ERC Technology

  1. The Proof of Work (PoW) consensus mechanism is a popular approach used by many cryptocurrencies, including BTC, for their blockchain implementations. In PoW, a miner must compute hashes using computational power and time with complex mathematical algorithms in order to solve a problem. For larger coins such as BTC, the difficulty has risen to the point where it is practically impossible for a solo miner to successfully mine a block. ERC uses a custom PatternSearch algorithm, which is resistant to ASICs and GPUs, and much more efficient for CPU mining.
  2. ERC uses a custom PoW implementation, where nodes are also rewarded with compound interest on all the outputs (balances) on each block. This means a just like a regular bank account, a user on the ERC blockchain can earn compound interest on their ERC balances. This sounds similar to staking in the Proof-of-Stake protocol, but the implementation and effect are different. Users do not have to explicitly stake their coins; they simply receive compound interest of 2.43% on their balances, with a 30-day limit that discourages holding coins for a long time.
  3. EuropeCoin uses a unique dual implementation of the Kimoto Gravity Well difficulty adjustment algorithm. This enables ERC to have a very responsive and dynamic blockchain, with near real-time difficulty readjustments being done according to the load on the network, with just 5 minutes between blocks.
  4. Using the term deposit feature, users can lock a certain amount of coins for upto a year. This not only decreases supply, thus increasing the price and valuation of the coin, but also secures the network, by using the uptime of the node to calculate the interest to be generated. The user is rewarded in ERC in exchange for securing the network, with a maximum interest rate of 5% for one year.

Key Features

  1. Unique purpose - ERC is one of the few coins that has a concrete purpose to it, apart from just being another cryptocurrency among the hundred of altcoins. It aims to amplify the European Union’s economy with blockchain-based technology, where trade occurs instantly in a decentralised and secure manner, both inside the Union, and with the world at large. This will create a truly borderless, trustless, and distributed economy, where anyone can perform transactions and trade with the Union without bothering about lengthy contracts or trade restrictions.
  2. Easy to adopt for regular users - ERC has many features similar to a regular, real-world banking establishment, such as compound interest for the balance in your ‘account’ (wallet), and even term deposits, aka fixed deposits. These concepts are very easy to grasp for non-technical people, and can be quickly adopted by the public at large without hassle or a steep learning curve.
  3. FinanceCloud API - The most innovative feature of EuropeCoin is the FinanceCloud API being developed by its dev team. This technology is aimed to be a decentralised, peer-to-peer, and, most importantly, cryptocurrency-agnostic solution to merging the economies of fiat and blockchain-based currency. This in-development service aims to provide a central, cloud-based solution to managing all of a user’s assets on the blockchain, ranging from wallet balances to DApps and smart contracts. It will also provide a currency-agnostic API to allow cross-blockchain transactions and DApps, truly decentralising the economies of the future.

 

#3: How to Buy & store EuropeCoin?

How to buy EuropeCoin

ERC can be bought and traded at exchanges like Bittrex, Coinexchange and CREX24, with Bittrex being the largest by volume.

ERC Wallet

The ERC wallet can be downloaded from their official GitHub releases[1].

CoinSwitch

While cryptocurrency exchanges provide you with a platform to buy or sell the ERC cryptocurrency, CoinSwitch, the largest cryptocurrency exchange platform, comes in to help you make the right decision by providing the prices for ERC on multiple crypto exchanges. With support for more than 140 coins and 45,000 pairs of cryptocurrencies, you can choose whichever pair you want with your token and compare the prices at multiple exchanges. This way, you can choose the best deal for you!

What’s more - with CoinSwitch, you do not rely on a separate ERC wallet from the exchange to store your ERC cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

 

#4: What is the future of EuropeCoin?

Also Read: Complete Analysis of EuropeCoin | Live EuropeCoin (ERC) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 01, 2018

0.292859

0.29963

0.27213

0.277378

1068

2954480

Mar 01, 2018

0.666168

0.686616

0.64247

0.675581

17049

6673600

Dec 01, 2017

0.479068

0.636725

0.464148

0.604923

156257

4768090

Jul 01, 2017

0.224558

0.293257

0.207233

0.217572

43226

2216030

Feb 01, 2017

0.037419

0.037695

0.037005

0.037695

386

363939

Nov 01, 2016

0.044161

0.049924

0.044161

0.046774

1560

427555

Jul 01, 2016

0.002525

0.002573

0.001366

0.002312

1565

234498

Mar 01, 2016

0.001051

0.001055

0.000913

0.000921

20

99805

Nov 01, 2015

0.001333

0.001342

0.001258

0.001304

11

125984

Jul 01, 2015

0.000764

0.000791

0.000376

0.000528

269

71673

  1. ERC has gradually seen a rise in prices, due to more and more people migrating towards locally-targeted altcoins that have a robust set of features and impressive plans for the future.
  2. The CPU-friendly algorithm of ERC also makes it very lucrative for miners who will find it impossible to make any sort of meaningful profit on larger, ASIC dominated coins like BTC.
  3. With its regional approach, and extensive plans to integrate itself into real-world establishments and merchant payment gateways, it is very likely ERC will continue to show healthy gains in the future.

 

#5: How is EuropeCoin different from other cryptos?

  1. Real-world oriented cryptocurrency - EuropeCoin, unlike most other altcoins, is being developed specifically with the aim of eventually being used just a like fiat currency in the real world. It plans to integrate merchants and retailers across Europe into the ERC network via payment gateways. ERC is one of the first coins that also has taken steps to promote the integration of cryptocurrencies into our existing economy. ERC achieved this by setting up an independent lobby of cryptocurrency advocates in Belgium to promote the adoption and usage of cryptocurrencies like ERC among civilians and the government.
  2. New and growing coin - While most altcoins are very old, almost as old as BTC or ETH, ERC is relatively new, and after its many revisions, has the luxury of a code-base that is not bogged down by old and buggy code of others. Most of the development time in other projects goes into fixing bugs in code that is many years old, and ensuring that newer updates and additions do not break the functionality of the old code-base. By comparison, the ERC code-base is much more lightweight, and easier to configure and enhance, leading to shorter update cycles, and a much more smoother upgrade process.
  3. Innovative features - The unique technology of ERC, such as its robust difficulty readjustment algorithm and consensus mechanism, make it very different from other altcoins, who mostly end up just copying a larger coin’s code-base. The innovative features that are planned to be introduced, such as the FinanceCloud API, put ERC ahead of most other generic altcoins.

 

#6: Should you invest in EuropeCoin?

  1. With its new development team, and renewed vigour, EuropeCoin has been very active in pushing out frequent updates, and has garnered a loyal user base. Things like a CPU-friendly algorithm, with ASIC resistance, are also key factors in future potential rise in prices.
  2. However, a history of multiple revisions makes it slightly less reliable than some other, more consistent, location-based altcoins like Gulden (NLG).
  3. Investing in any cryptocurrency is subject to their inherent volatile nature. However, the unique appeal of ERC to residents of Europe, and possible interest of people looking to invest into the European economy via cryptocurrencies, makes it an interesting consideration for investment.
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